Electric Motor Market driven by the growing demand for electric vehicles supported by stringent emission regulations.
Market Overview
The global electric motor market size reached USD 115.2 Billion in 2024 and is expected to reach USD 157.0 Billion by 2033. The market is projected to grow at a CAGR of 3.32% during the forecast period 2025-2033. Growth is driven by increased demand for electric vehicles due to stringent emission regulations, rapid urbanization and infrastructure development in emerging economies, miniaturization trends in electronics, and ongoing technological advances in manufacturing processes.
Study Assumption Years
• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033
Market Key Takeaways
• Current Market Size: USD 115.2 Billion in 2024
• CAGR: 3.32% during 2025-2033
• Forecast Period: 2025-2033
• AC motors dominate all other types because they are more reliable and cheaper.
• The dominant electrical motor remains a low voltage electric motor due to its versatility.
• Fractional horsepower motors are the most common motor size range.
• Ferrite magnets are the main type by weight because they cost little and are easy to find.
• Industrialization and the growth of automotive production drive Asia-Pacific to hold the largest market share.
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Market Growth Factors
The major reason for electric motor growth in the electric vehicle market worldwide is the increasing demand for electric vehicles, mainly because of strict government emission regulations and government incentives to purchase electric vehicles, so high efficiency electric motors are needed in electric vehicle drivetrains. In addition, improvements in motor technologies to improve performance, efficiency and reliability support the growth.
Smart motors, improved sensors and IoT connectivity reduce both costs and downtime through predictive maintenance, status monitoring and improved communications with other machines. At the same time, new materials and manufacturing processes in motors have enabled the development of lightweight, compact and energy-efficient motors for automotive, aerospace and consumer electronics applications.
Industrial automation and smart manufacturing technologies demand electric motors with automated applications. These applications convey items, extend robotic arms, machine tools and guide other vehicles. Saving energy requires electric motors for improving the return on investment and for helping industries meet their sustainability goals. Industry 4.0 technologies and smart factories require electric motors having advanced capabilities that can be digitally controlled to provide greater precision, efficiency, and reliability.
Market Segmentation
Motor Type:
• AC Motor:
• Induction AC Motor
• Synchronous AC Motor
• DC Motor:
• Brushed DC Motor
• Brushless DC Motor
• Others
AC motors dominate due to their high performance, cost-effectiveness, rugged design, and energy efficiency suitable for domestic appliances, HVAC, industrial machinery, and electric vehicles.
Voltage:
• Low Voltage Electric Motors
• Medium Voltage Electric Motors
• High Voltage Electric Motors
Low voltage electric motors hold the largest share, favored for versatility, ease of installation, and broad application in residential, commercial, and industrial sectors.
Rated Power:
• Fractional Horsepower Motors:
• Fractional Horsepower (< 1/8) Motors
• Fractional Horsepower (1/8 – 1/2) Motors
• Fractional Horsepower (1/2 – 1) Motors
• Integral Horsepower Motors:
• Integral Horsepower (1 – 5) Motors
• Integral Horsepower (10 – 50) Motors
• Integral Horsepower (50 – 100) Motors
• Integral Horsepower (>100) Motors
Fractional horsepower motors lead, widely used for compact, cost-effective, and versatile applications in household appliances, office equipment, medical devices, and small machinery.
Magnet Type:
• Ferrite
• Neodymium (NdFeB)
• Samarium Cobalt (SmCo5 and Sm2Co17)
Ferrite magnets dominate due to cost-effectiveness, availability, corrosion resistance, and strong magnetic fields suitable for appliances, automotive, and industrial machinery.
Weight:
• Low Weight Motors
• Medium Weight Motors
• High Weight Motors
Low weight motors hold the largest market share, driven by demand for compact, high efficiency motors in aerospace, automotive, and portable electronics, enhanced by lightweight materials.
Speed:
• Ultra-High-Speed Motors
• High-Speed Motors
• Medium Speed Motors
• Low Speed Motors
High-speed motors dominate, essential for applications demanding fast operation in aerospace, automotive, manufacturing, and consumer electronics.
Application:
• Industrial Machinery
• HVAC
• Transportation
• Household Appliances
• Motor Vehicles
• Aerospace
• Marine
• Robotics
• Others
Industrial machinery leads applications, with electric motors used extensively in conveyors, pumps, compressors, and machine tools, supported by rapid automation and Industry 4.0 adoption.
Regional Insights
Asia Pacific is expected to dominate in and witness the highest CAGR in the electric motor market over the forecast period. Industrialization, urbanization, and automotive industry growth in China, India, Japan and South Korea and government initiatives for energy efficient machines and electric vehicles are factors driving market growth. The abundance of cheaper labor, quality supply chains and middle-class consumers spurs household appliance and consumer electronics manufacturing in the area.
Recent Developments & News
• June 2025: idec Corporation inaugurated its Orchard Hub manufacturing campus in Hubli, Karnataka, with a $55 million investment to produce EV motors and energy solutions starting later in 2025.
• May 2025: ECM PCB Stator Tech launched the ‘Eight Ball’ servo motor with a 50:1 harmonic drive and patented PCB Stator design for robotics, aerospace, and medtech.
• May 2025: Conifer announced production launch of magnet-agnostic electric motors and in-wheel e-powertrains backed by $20 million seed funding.
• May 16, 2024: Siemens AG approved to sell Innomotics to KPS Capital Partners for €3.5 billion.
• September 22, 2023: ABB partnered with SMS Group to supply MV and LV motors for ArcelorMittal Nippon Steel’s hot strip mill in Hazira, India, enhancing production capacity by 5.5 million tons per year.
Key Players
• ABB Group
• Siemens Ag
• WEG SA
• TECO
• Regal Beloit Corporation
• Nidec Corporation
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